Demand for sterile vials is growing steadily owing to increasing requirement from hybrid packaging solutions. With demand from clinical and compounding labs surging rapidly, manufacturers of sterile vials are set to witness impressive growth in demand over the coming years. Additionally, growing preference for glass and plastic sterile vials by key end-use sectors is expected to boost overall sales further.
According to the report by Fact.MR, focus of suppliers will be on leading regions such as North America, Europe, and Asia Pacific, while global market value will grow substantially to surpass US$ 10 billion by 2031.
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Sales of sterile vials have gained traction over the past decade as the requirement from the key end-use sectors such as clinical labs, compounding labs, and biopharmaceutical companies, to name a few, increased steadily. Additionally, increase in investments by manufacturers to bring in more advanced range of products has further bolstered the growth of key players during the last 5 years from 2016 to 2020.
As advancements in manufacturing sectors are taking over, manufacturers of sterile vials are optimistic to come across higher growth scope in the foreseeable future. Increase in governmental investments in the biopharmaceutical sector, steady expansion of other key end-use industries, and rising demand for COVID-19 sterile vials are expected to offer more growth opportunities for sterile vial suppliers during the forecast period of 2021 to 2031, with the market projected to expand at around 8.5% CAGR over the next ten years.
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